Fund Objective

The Covered Call and Equity Income Fund seeks to provide consistent total return and, secondarily, to provide a high level of income and gains from option premiums.

Investment Strategies

The Covered Call and Equity Income Fund invests, under normal conditions, primarily in common stocks of large-and mid-capitalization issuers that are, in the view of the funds' investment adviser, selling at a reasonable price in relation to their long-term earnings growth rates.

The fund will seek to generate current earnings from option premiums by writing (selling) covered call options on a substantial portion of its portfolio securities. The fund seeks to produce a high level of current income and current gains generated from option writing premiums and, to a lesser extent, from dividends.

Under normal market conditions, the fund will invest at least 80% of its net assets in common stocks, with at least 65% of those in large capitalization issuers. The fund may invest the remainder of its common stock investments in companies whose market capitalization is considered to be "mid-cap".

The fund will employ a strategy of writing covered call options on a substantial portion of the common stocks in the fund's portfolio, and may, to a lesser extent, pursue an option strategy that includes the writing of both put and call options.

Quarterly Materials

Portfolio Management

Ray Di Bernardo, CFA

Ray Di Bernardo, CFAPortfolio ManagerRay is the lead portfolio manager for Madison's Covered Call portfolios and has more than 25 years of equity management experience. Prior to joining Madison in 2003 he was an equity analyst at Concord Trust in Chicago, and before that, an equity analyst and co-manager of international and emerging market portfolios at a Toronto-based international equity firm. Ray holds a BA from the University of Western Ontario.

Drew Justman, CFA

Drew Justman, CFAPortfolio ManagerDrew serves as a portfolio manager on Madison’s Value Team. Prior to joining Madison, he worked with Merrill Lynch. Drew holds a BBA in Finance and Economics and an MS in Finance from the University of Wisconsin. He also graduated from the Applied Security Analysis Program.

Investment in the fund involves direct expenses and a proportional share of the expenses of the underlying funds — indirect expenses. The cost of this type of investment may be higher than generally experienced when investing in mutual funds that contain stocks and bonds. Please see prospectus for further details.

Madison Funds are not deposits in, or obligations of, and are not guaranteed by, any financial institution and are not federally insured, so they may lose value. An investment in the Government Money Market Fund is not insured or guaranteed by the FDIC or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.

This site does not constitute an offering of securities by the distributor in any jurisdiction in which such offering may not lawfully be made. Madison Funds are not to be marketed in Europe or in European Union member nations.

Madison Asset Management, LLC does not provide investment advice directly to shareholders of the Madison Funds. Materials on this website are informational only and should not be taken as investment recommendation or advice of any kind whatsoever (whether impartial or otherwise).

“Madison” and/or “Madison Investments” is the unifying tradename of Madison Investment Holdings, Inc., Madison Asset Management, LLC, and Madison Investment Advisors, LLC, which also includes the Madison Scottsdale office. Madison Funds are distributed by MFD Distributor, LLC. Madison is registered as an investment adviser with the U.S. Securities and Exchange Commission. MFD Distributor, LLC is registered with the U.S. Securities and Exchange Commission as a broker-dealer and is a member firm of the Financial Industry Regulatory Authority (www.finra.org). The home office for each firm listed above is 550 Science Drive, Madison, WI 53711. Madison's toll-free number is 800-767-0300.

For more complete information about Madison Funds®, including charges and expenses, obtain a prospectus from your financial adviser, by calling 800.877.6089 or by clicking on prospectus and reports to view or download a copy. Before investing in the funds, consider the investment objectives, risks, charges and expenses. The prospectus contains this and other information about funds and should be read carefully before investing.

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